(Bloomberg) -- Lemonade Inc., an online home insurance provider backed by SoftBank Group Corp., has filed for a U.S. initial public offering.
The New York-based company in a filing Monday listed the size of the offering as $100 million, typically a placeholder that will change. Lemonade, declaring “we love insurance” in its filing, said its goal is to harness technology and social impact to be “the world’s most loved insurance company.”
Lemonade is the latest of SoftBank’s portfolio companies to brace for the public market after the spectacular failure of WeWork’s IPO attempt last year. Its filing is timed with a rebound in IPOs as the markets recover from the financial fallout of the coronavirus pandemic. Last week, companies raised more than $7 billion in new listings globally, the best week of 2020.
SoftBank led a $300 million funding round in Lemonade last year, valuing the company at $2.1 billion at the time, Bloomberg previously reported.
Lemonade reported $26 million in revenue for the three months ending March 31, compared with $11 million for the same period last year, according to its filings with the U.S. Securities and Exchange Commission. It said its net loss widened to $36.5 million during the quarter, from $21.6 million last year.
The company allows customers to buy insurance policies on a mobile app after answering several questions. It also pledges to donate the leftover funds, after expenses, to a charity in order to discourage fraudulent claims.
Goldman Sachs Group Inc., Morgan Stanley, Allen & Co. and Barclays Plc are leading the offering. Lemonade plans to list on the New York Stock Exchange under the symbol LMND.
